New date for Shareholders' Meeting - June 13thLast night a press release was issued by the Board announcing that they are deferring the shareholders meeting to June 13th.
In order to be able to do this, they need the TSX/OSC to approve this. They better have a very good reason as Mr. Yu has presented a credible alternative to the current board. The regulators cannot ignore this. Further adding to their problem, they disclosed that they need to recruit more directors. In other words, they do not have a complete slate of directors to propose to shareholders.
If the regulators do not agree with the current board to delay the deadline it is close to the end for Loudon Owen and his group.
Also of note, but the Special part of the meeting was dropped.
Separately, the public company, in which we hold shares, has re-established its control over the Chinese subsidiaries. This is good news (assuming SAFE approval is accepted) as funds are/will be flowing to the public company and the requirement to seek a loan or issue equity to pay for the bills should disappear.
The Board is trying to get the shares to start trading again. In my opinion, there are three elements that need to be clarified to the TSX in order to have trading resume.
1) Can the Board show control over the Chinese subsidiaries.
2) Is the public company being funded - is SAFE blocking the payments
3) Will they issue the financial statements and MD&A for December 31st by February 14th as required by law
Whether or not there is an annual meeting is not relevant regarding the trading of shares.